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July 10, 2009 at 08:00 PM
An insurer says it has completed efforts to raise $2.1 billion in capital.
Lincoln National Corp., Radnor, Pa., says it implemented the final component of a capital plan today, by issuing $950 million in preferred shares to the U.S. Treasury Department through the department’s Capital Purchase Program.
Lincoln also has sold $690 million of common stock and $500 million of senior notes to private investors.
Lincoln has used some of the capital to increase capital levels at the Lincoln National Life Insurance Company subsidiary by $1 billion, the company says.
“We were very pleased with the strong demand we saw for our common stock and debt offerings, and appreciate that the ratings agencies have recognized the significant benefits of our capital plan,” Lincoln President Dennis Glass says in a statement about the company’s efforts to raise capital. “We are confident that our enhanced capital and financial flexibility supports our continued business growth and positions Lincoln very solidly for the future, even if external market conditions deteriorate from current levels.”
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